The S&P 500 has been under some selling pressure we are currently sitting in between two trigger levels if we find support here and trigger bull we can see the S&P double by term end if we trigger bear we have a few gaps to fill below.
Bull Scenario
SPY triggers Bull to Mark Up into our Bull Targets
SPY finds support at our Bear Trigger to Mark Up into our Bull Trigger
Bear Scenario
SPY triggers Bear into our Bear Targets
SPY finds Resistance at our Bull Trigger and Marks Down into our Bear Targets
The pivot level is a pivot of order flow
Bull Scenario
SPY triggers Bull to Mark Up into our Bull Targets
SPY finds support at our Bear Trigger to Mark Up into our Bull Trigger
Bear Scenario
SPY triggers Bear into our Bear Targets
SPY finds Resistance at our Bull Trigger and Marks Down into our Bear Targets
The pivot level is a pivot of order flow
Comment:
We hit our bear target and now working our way back into our pivot level gaining that sets us up for bullish action!